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Shares of Shriram Asset Management Company (AMC) hit 10 per cent upper circuit for the fifth straight day at Rs 210.85 in Friday’s trade. The stock of AMC hit a 52-week high and surpassed its previous high of Rs 195, which it had touched on September 13, 2022. It traded close to its record high level of Rs 225 on January 8, 2019.
Currently, around 115,000 shares changed hands, as against an average sub 40,000 shares traded in the past two weeks on the BSE.
The BSE said the exchange has sought clarification from Shriram Asset Management Company Ltd on January 12, 2023, with reference to movement in price. The reply is awaited.
In the past one week, the stock price of the company more-than-doubled or zoomed 109 per cent after its board approved the appointment of Kartik Jain as the company’s new Managing Director and Chief Executive Officer (MD and CEO) on Monday. In comparison, the S&P BSE Sensex was up 0.60 per cent, during the period.
Shriram AMC is a part of the Shriram Group, a financial conglomerate that manages assets worth more than Rs 2.25 trillion. In August 2022, the company rebooted its operations after a 23 per cent stake sale to the US-based Mission1 Investments LLC.
The company said Jain’s appointment as MD and CEO will re-orient the brand’s customer strategy and enhance operational efficiency.
Prior to joining Shriram AMC, Jain headed product, platforms and digibank at DBS Bank India’s consumer business group in Mumbai. He also served as CMO at HDFC Bank and led marketing and eChannel at ICICI Lombard General Insurance. At KPMG, Jain advised clients in the UK and Europe on eBusiness strategy and process re-engineering.
Shriram Mutual Fund, part of the Shriram Group, is one of the leading players in lending for commercial vehicle, two-wheelers, small business and retail, life and general insurance, and various financial services solutions.
Currently, the stock is classified in the X category on the BSE. X group consists of all those stocks, which are only listed on BSE and settled on a trade-to-trade basis. The company has a total 6 million outstanding shares as of September 2022, shareholding pattern data shows.
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